INVESTIGATION OF CAUSALITY BETWEEN FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH IN IRAN: NONLINEAR MARKOV SWITCHING MS- V AR APPROACH

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ASGHARPUR HOSSEIN; MEHDILOO ALI

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Journal: Journal of Economic Research Year:2016 | Volume:50 | Issue:4 Page(s): 777-806

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Information Journal Paper

Title

INVESTIGATION OF CAUSALITY BETWEEN FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH IN IRAN: NONLINEAR MARKOV SWITCHING MS- V AR APPROACH

Author(s)

ASGHARPUR HOSSEIN | MEHDILOO ALI | Issue Writer Certificate

Keywords

COMPOSITE FINANCIAL DEVELOPMENT INDEXQ2

ECONOMIC GROWTHQ2

MARKOV SWITCHING MODELQ1

NONLINEAR CAUSALITYQ2

Abstract

The main objective of this paper is the investigation of NONLINEAR CAUSALITY relationship between financial development and ECONOMIC GROWTH in Iran over the period 1973-20 10. For this purpose, Markov- switching technique has been applied to investigate causal relationship. In this study, GDP per capita as ECONOMIC GROWTH and the compos it e financial index including the ratio of cred it to private sector, the financial depth, the ratio of credit provided by the banking sector and the ratio of gross domestics avings to GDP as financial development index have been used. The empirical re sults indicate that during the period of high ECONOMIC GROWTH (regime I), there is one way causal relationship from ECONOMIC GROWTH to financial development theory, but there does not exit any causal relationship between ECONOMIC GROWTH and financial development during the period of low ECONOMIC GROWTH (regime 2). Therefore, financial development in both regimes had no effect on ECONOMIC GROWTH.

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APA: Copy

ASGHARPUR, HOSSEIN, & MEHDILOO, ALI. (2016). INVESTIGATION OF CAUSALITY BETWEEN FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH IN IRAN: NONLINEAR MARKOV SWITCHING MS- V AR APPROACH. TAHGHIGHAT-E-EGHTESADI, 50(4 ), 777-806. SID. https://sid.ir/paper/11632/en

Vancouver: Copy

ASGHARPUR HOSSEIN, MEHDILOO ALI. INVESTIGATION OF CAUSALITY BETWEEN FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH IN IRAN: NONLINEAR MARKOV SWITCHING MS- V AR APPROACH. TAHGHIGHAT-E-EGHTESADI[Internet]. 2016;50(4 ):777-806. Available from: https://sid.ir/paper/11632/en

IEEE: Copy

HOSSEIN ASGHARPUR, and ALI MEHDILOO, “INVESTIGATION OF CAUSALITY BETWEEN FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH IN IRAN: NONLINEAR MARKOV SWITCHING MS- V AR APPROACH,” TAHGHIGHAT-E-EGHTESADI, vol. 50, no. 4 , pp. 777–806, 2016, [Online]. Available: https://sid.ir/paper/11632/en

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